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Chipotle
4165 Buffalo Rd, Erie, PA 16510
$2,350,000
Cap Rate 4.26%
Summary
| Price $2,350,000 | Built/Renov 2021 | Tenant Chipotle |
| Cap Rate 4.26% | Lease Type
NN+ | Guarantor Corp Traded |
| Size/SF
2,325
| Lease Start
12-30-2021
| #Units
3,224
|
| Price/SF $1,010.75 | Expiration
12-31-2036
| Tenant Type Fast Casual/Rest. |
| NOI $99,998 | R. Term 13.0 | Ownership Fee Simple |
| Rent/SF
$43.01
| Increases 10.0%/5/yrs | Pop 5Mi 94,389 |
| Lot/AC 0.68 | Options 4/5yrs/10% | AHHI 5Mi $63,051 |
| | |
Lease Highlights
- Tenant has 13+ years remaining on their current lease term with 2 (5-year), 1 (4-year) & 1 (11-month) options to extend
- Lease features 10% rental increases throughout primary term at the beginning of each option period
- Favorable NN+ lease with landlord responsibilities limited to roof & structure
- Corporate guarantee from Chipotle Mexican Grill, Inc. (NYSE: CMG)
Location Description
Chipotle is positioned with excellent access and visibility on a hard corner at the signalized intersection of Buffalo Road (14,177 VPD) and Nagle Road (10,916 VPD). Chipotle is ideally located as an outparcel to the ±215,327-SF Giant Eagle Plaza, which is anchored by Giant Eagle grocery store and further occupied by Get-Go Gas, Rite Aid, T-Mobile, Sherwin Williams, Pet Supplies Plus, to name...
...Features
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Signalized intersection
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Hard corner intersection
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Dense retail corridor
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Shopping Ctr out-parcel
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Strategically located
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Major MSA
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Long 10+ yr lease
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Favorable NN+ lease
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Corporate Guarantee
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Publicly traded company
...
Maps
Tenant
Demographics
| 1 Miles | 3 Miles | 5 Miles | |
| 2027 Total Population : | 9,245 | 43,808 | 93,350 |
| 2022 Total Population : | 9,408 | 44,504 | 94,609 |
| 2022 Employed Civilian Pop : | 4,519 | 20,146 | 41,014 |
| 2022 Total Businesses : | 311 | 1,083 | 3,177 |
| 2022 Average Household Income : | $ 72,909 | $ 69,695 | $ 63,050 |
| 2022 Total Consumer Spending : | $ 237 M | $ 1042 M | $ 2042 M |
| 2022 Median Age : | 41 | 39 | 36 |
| 2022 Total Households : | 3,776 | 17,334 | 37,365 |
| 2022 Pop Age 25+: Bachelor's Degree : | 1,376 | 5,008 | 10,192 |
| 2022 Average Home Value : | $ 136,291 | $ 152,212 | $ 156,279 |
Traffic
| Collection Street | Cross Street | Year | Traffic Vol | Distance |
| Buffalo Rd | Teri Ave | 2016 | 14,177 | 0.04 mi |
| Nagle Road | Cricket St | 2019 | 10,762 | 0.21 mi |
| Buffalo Rd | Riverside Dr | 2016 | 14,177 | 0.26 mi |
| Nagle Rd | Adelaide Dr | 2019 | 9,504 | 0.38 mi |
| Buffalo Rd | Center St | 2019 | 12,722 | 0.43 mi |
| Water St | Pearl Ave | 2019 | 6,623 | 0.44 mi |
| Iroquois Avenue | Burkhart Ave | 2019 | 5,157 | 0.50 mi |
| Station Rd | Edison Ave | 2019 | 3,981 | 0.52 mi |
| Iroquois Ave | Tyndall Ave | 2019 | 4,814 | 0.52 mi |
| Buffalo Road | Knoll Ave | 2019 | 7,164 | 0.57 mi |
